All Oil companies stories

Coronavirus pandemic means more oil will stay in the ground

Photo: RJ Sangosti/The Denver Post via Getty Images

The pandemic will "expedite peak oil demand," the consultancy Rystad Energy said in a note this week, taking stock of how much additional oil will not be produced in the future as a result.

Why it matters: Rystad's summary of its annual review of oil resources shows how the coronavirus pandemic is prompting analysts to change their thinking about the future of oil.

IEA predicts historic jump for oil demand in 2021, but still below 2019 levels overall

The demand of oil crashed due to restrictions from coronavirus. Photo: Rob Carr/Getty Images

The International Energy Agency sees oil demand surging by an unprecedented 5.7 million barrels per day next year, but even that would leave it 2.4 million below 2019 levels.

Why it matters: This morning's report is the first time that IEA's closely watched, detailed monthly market analysis has looked ahead to 2021.

Why BP's revealing accounting move could be a signal for oil's future

Illustration: Sarah Grillo/Axios

BP's mammoth asset write-down is certainly a big story, but whether it's a big climate change story is a trickier question. Let's give it a qualified yes.

Catch up fast: The oil-and-gas giant yesterday made several announcements rooted in its view of the "enduring impact" of COVID-19 on the economy and demand, and where it sees clean energy going.

BP writes down its assets by up to $17.5 billion as it weighs coronavirus' lasting impact

Illustration: Aïda Amer/Axios

BP is writing down the value of its assets by up to $17.5 billion and is slashing its long-term oil price assumptions as it projects the coronavirus pandemic will have an "enduring impact on the global economy."

Why it matters: Monday's announcement signals how one of the world's most powerful energy companies sees COVID-19 changing the industry's landscape in lasting ways.

Oil's comeback is stalling

Illustration: Aïda Amer/Axios

The crude oil price recovery has hit the skids, a gloomy sign for U.S. producers, some of whom are risking bankruptcy.

What's happening: Oil prices are on track for their first weekly decline in well over a month, per Reuters.

A reshaped U.S. oil sector awaits

Illustration: Sarah Grillo/Axios

The domestic oil sector that emerges from the pandemic-fueled price and demand collapse will be different than what preceded it. And more signs arrive every day.

Driving the news: ConocoPhillips CEO Ryan Lance, in a newly posted interview with IHS Markit's Dan Yergin, says "shale will come back."

Column / Harder Line

Civil rights leaders call for more diverse oil and gas industry

Illustration: Aïda Amer/Axios

America’s leading civil rights leaders are calling on the oil and gas industry — dominated by white men — to hire more women and people of color.

Why it matters: The effort, led by Rev. Jesse Jackson and National Urban League President Marc Morial, has been underway for weeks, though the topic has taken on a new urgency in the wake of the police killing of George Floyd.

Oil giant Total's new push into offshore wind

A wind farm off the Baltic coast. Photo: Axel Schmidt/Getty Images

The huge multinational oil-and-gas company Total plans to acquire a 51% stake in a very large offshore wind project slated for construction off the Scottish coast called Seagreen 1.

The state of play: The project 1.14-gigawatt project is slated to begin operation at the end of 2022 and will produce enough energy for roughly 1 million homes, Total said.

Oil faces tough road back from coronavirus

Illustration: Aïda Amer/Axios

Oil companies in the battered shale patch are starting to bring back some production as prices climb, but a new report underscores how the pandemic is taking a heavy financial toll despite signs of revival.

Driving the news: Fourteen North American producers have filed for bankruptcy thus far during the second quarter, per a tally from the law firm Haynes and Boone, which closely tracks the sector's finances.

Energy use declines in Permian Basin offer another glimpse at shale downturn

Reproduced from Energy Policy Institute at the University of Chicago; Chart: Axios Visuals

The downturn in the Permian Basin, the heart of the U.S. oil patch, was large enough to cause a big drop in electricity use there, analysis from a University of Chicago energy think tank shows.

What they did: Their analysis looks at daily declines and fluctuation compared to a pre-COVID baseline (captured above), as well as the average drop-off since mid-March, which is 24%.